A Yorba Linda, California man is under fire from the Securities and Exchange Commission after an investigation revealed what appeared to be a Ponzi-like scheme to defraud investors while paying off older investors.
Matthew Jennings, 39, a resident of Yorba Linda, California, a pleasant suburb of Orange County, is looking at having all of his assets frozen by a federal judge while the government takes a look at his records to see how much money was inappropriately diverted from investors.
In one instance, the SEC alleges that Jennings took $300,000 from investment accounts and deposited it into his own accounts. In the SEC’s view, it appears he was enriching himself wrongfully.
White Collar fraud takes many forms. investment fraud is one version, and requires a lot of effort to accomplish. In this case, many companies were created, possibly with a view to divert funds improperly, without being discovered. Whether or not Jennings intended to service these investment accounts will be an issue, in terms of degree of culpability. In any event, he will need an experienced White Collar defense attorney to assist him, to try and head off a criminal filing.
If you would like to learn more about White Collar fraud criminal defense, call Orange County criminal defense attorney William Weinberg in his Irvine office to discuss it at 949.474.8008.